Insurance regulators release annual report on workers comp insurance, approve 18.4 percent rate reduction
Jan 1, 2008
Orlando Sentinel, 1/1/2008
Florida is the largest workers’ compensation insurance market in the nation dominated by private market insurers, according to a state report released this morning.
The annual report to the Florida Legislature on the state of the market for workers’ compensation insurance was conducted by the Florida Office of Insurance Regulation. It analyzed the availability and affordability of coverage for workers’ compensation insurance in Florida for the calendar year 2006.
In conjunction with the report’s release, state insurance regulators approved an overall rate reduction of 18.4 percent for workers’ compensation insurance, effective Tuesday (Jan. 1, 2008). It will be the fifth consecutive year of workers’ compensation rate decreases.
The Office of Insurance Regulation reported that since workers’ comp reforms were enacted by the Legislature in 2003, Florida businesses have seen a cumulative rate decrease of 51.4 percent.
The annual report also noted that overall workers’ compensation claim frequency is on the decline.
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